Security estates offer a living experience that has become exceedingly hard to come by. The atmosphere of Cape Town's estates has been crafted with an attention to both detail and design, offering a lifestyle centred around freedom and peace of mind. The convenience and ease that comes with security estate life allows for a carefree experience, where children are able to roam as they please, houses are safe where they stand and where the estate's community is built on the ideas of mutual respect and consideration. The demand for security estates is understandably high in the Southern Suburbs, which has lead to a shortage in available stock and the decision to build more estates offering ideal residential living spaces. Seeff is fortunate to offer a variety of choice!
A home in a security estate is acquired through one of two ownership models.
Freehold:
A number of (often sub-divided) distinct properties set within a secure perimeter, where the areas are managed by a Home Owners Association (HOA). The freehold model aligns closely with the traditional concept of property ownership.
Sectional Title:
A single property containing homes, or sections, which are individually owned. Owners of sections also own a share of the common property which is managed by a Body Corporate (BC) which is made up of all section owners.
The estate's developer takes various characteristics into account at the outset/build of the estate, determining whether the properties within are freehold or sectional title. This includes: number of homes, common facilities that require management, as well as zoning issues and projected development costs.
In both models, conduct and management rules will apply to home owners. These rules, established by the HOA or BC, impact the way that the security estate is managed, as well as how home owners conduct themselves so as to maintain positive relations with their neighbours.
Freehold Security Estate:
- Erf owner is responsible for all upkeep of property (including exterior aspects).
- Owner may not compromise architectural style or aesthetic of property when upgrading, extending or redecorating home.
- HOA consent is usually required before the previously mentioned projects begin.
Sectional Title Security Estate:
- Body Corporate is responsible for upkeep of all exterior aspects of homes (exterior walls, roofs and any other exterior issues).
- BC is required to insure entire property, covering all homes on it.
- This insurance usually includes hot water cylinders.
A monthly levy (in addition to municipal rates) is payable in both freehold and sectional title security estates. The levy is intended to finance the general management and upkeep of an estate and to pay for the common facilities, perimeter and other security features, as well as to maintain and increase a surplus fund ear-marked for future maintenance projects.
Factors that will increase the levy payable by both owners are particular facilities such as a manned security presence (guarded gates), custom security features, such a biometric access, CCTV monitors and the size of maintenance staff compliment.
Demand for such a lifestyle has increased in the Cape Town areas, especially within the Southern Suburbs.
Whether freehold or sectional title, the well managed security estate offers an easy living environment and peace of mind for which there is a strong market.
Home is our Story and property our passion. Feel free to contact us regardless of your property needs, even if it is just to get an updated valuation on your property and an update on current market conditions.
To discuss your next property move, be sure to contact us.
Seeff Southern Suburbs | +27 21 794 5252 | southernsuburbs@seeff.com
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